The global market for Solar Cells and Modules was valued at US$182.0 Billion in 2024 and is projected to reach US$267.9 Billion by 2030, growing at a CAGR of 6.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Solar Cells and Modules market.
The application of solar cells and modules is extensive, ranging from residential and commercial installations to large-scale utility projects. In residential settings, solar panels are used to reduce electricity bills and provide a sustainable energy source for homes. Commercial buildings utilize solar installations to lower operational costs and meet corporate sustainability goals. Utility-scale solar farms contribute to the grid by generating large amounts of renewable energy, helping to reduce greenhouse gas emissions and dependence on non-renewable energy sources. The versatility of solar technology also allows for innovative applications such as building-integrated photovoltaics (BIPV), where solar cells are embedded into building materials.
The growth in the solar cells and modules market is driven by several factors. Increasing global awareness of climate change and the need for sustainable energy solutions are major drivers, prompting both governments and private sectors to invest heavily in solar technology. Technological advancements have led to higher efficiency rates and lower production costs, making solar power more accessible and affordable. Government policies and incentives, such as tax credits, subsidies, and renewable energy mandates, are also crucial in promoting the adoption of solar energy. Additionally, the rise of energy storage solutions and smart grid technologies is enhancing the integration and reliability of solar power systems, further boosting market growth. These factors highlight the robust and dynamic expansion of the solar cells and modules market.
Segments: Technology (Thin Film, Crystalline Silicon, Other Technologies); Application (Industrial, Residential, Commercial).
Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.
Global Solar Cells and Modules Market - Key Trends & Drivers Summarized
Solar cells and modules are pivotal components in the renewable energy landscape, converting sunlight into electricity through photovoltaic (PV) technology. Solar cells, the building blocks of solar modules, are typically made from silicon and other semiconductor materials that generate electric current when exposed to sunlight. These cells are assembled into modules, also known as solar panels, which can be installed on rooftops, ground-mounted systems, and solar farms. Advances in materials science and manufacturing processes have significantly improved the efficiency and affordability of solar cells and modules, making solar energy a viable alternative to traditional fossil fuels.The application of solar cells and modules is extensive, ranging from residential and commercial installations to large-scale utility projects. In residential settings, solar panels are used to reduce electricity bills and provide a sustainable energy source for homes. Commercial buildings utilize solar installations to lower operational costs and meet corporate sustainability goals. Utility-scale solar farms contribute to the grid by generating large amounts of renewable energy, helping to reduce greenhouse gas emissions and dependence on non-renewable energy sources. The versatility of solar technology also allows for innovative applications such as building-integrated photovoltaics (BIPV), where solar cells are embedded into building materials.
The growth in the solar cells and modules market is driven by several factors. Increasing global awareness of climate change and the need for sustainable energy solutions are major drivers, prompting both governments and private sectors to invest heavily in solar technology. Technological advancements have led to higher efficiency rates and lower production costs, making solar power more accessible and affordable. Government policies and incentives, such as tax credits, subsidies, and renewable energy mandates, are also crucial in promoting the adoption of solar energy. Additionally, the rise of energy storage solutions and smart grid technologies is enhancing the integration and reliability of solar power systems, further boosting market growth. These factors highlight the robust and dynamic expansion of the solar cells and modules market.
Report Scope
The report analyzes the Solar Cells and Modules market, presented in terms of units. The analysis covers the key segments and geographic regions outlined below.Segments: Technology (Thin Film, Crystalline Silicon, Other Technologies); Application (Industrial, Residential, Commercial).
Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Thin Film segment, which is expected to reach US$46.3 Billion by 2030 with a CAGR of a 9.2%. The Crystalline Silicon segment is also set to grow at 5.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $18.9 Billion in 2024, and China, forecasted to grow at an impressive 8.7% CAGR to reach $110.9 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Solar Cells and Modules Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Solar Cells and Modules Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Solar Cells and Modules Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of players such as Bharat Heavy Electricals Ltd., BYD Co., Ltd., Canadian Solar, Inc., Ascent Solar Technologies, Inc., CESI SpA and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 228 companies featured in this Solar Cells and Modules market report include:
- Bharat Heavy Electricals Ltd.
- BYD Co., Ltd.
- Canadian Solar, Inc.
- Ascent Solar Technologies, Inc.
- CESI SpA
- AVANCIS GmbH
- Atecom Technology Co., Ltd.
- Chint Group
- AZUR Space Solar Power GmbH
- BiPVco
- BSQ Solar SL
- Daqo Group Co., Ltd.
- AmberWave Inc
- DASOL
- Choshu Industry Company Limited
Tariff Impact Analysis: Key Insights for 2025
Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.
What’s Included in This Edition:
- Tariff-adjusted market forecasts by region and segment
- Analysis of cost and supply chain implications by sourcing and trade exposure
- Strategic insights into geographic shifts
Buyers receive a free July 2025 update with:
- Finalized tariff impacts and new trade agreement effects
- Updated projections reflecting global sourcing and cost shifts
- Expanded country-specific coverage across the industry
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISFRANCEGERMANYITALYUNITED KINGDOMSPAINRUSSIAREST OF EUROPEAUSTRALIASOUTH KOREAREST OF ASIA-PACIFICLATIN AMERICAARGENTINABRAZILMEXICOREST OF LATIN AMERICAAFRICAIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
ASIA-PACIFIC
INDIA
MIDDLE EAST
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bharat Heavy Electricals Ltd.
- BYD Co., Ltd.
- Canadian Solar, Inc.
- Ascent Solar Technologies, Inc.
- CESI SpA
- AVANCIS GmbH
- Atecom Technology Co., Ltd.
- Chint Group
- AZUR Space Solar Power GmbH
- BiPVco
- BSQ Solar SL
- Daqo Group Co., Ltd.
- AmberWave Inc
- DASOL
- Choshu Industry Company Limited
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 724 |
| Published | April 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 182 Billion |
| Forecasted Market Value ( USD | $ 267.9 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
